Scam alert: fake ASIC branding on social media
The Australian Securities and Investments Commission (ASIC) has issued a scam alert warning consumers that there has been an recent increase in the use of ASIC’s logo in social media scams. ASIC’s warning to consumers covers three main areas of concern.
.
Advertisements on social media platforms: ASIC has received reports of ads on social media platforms displaying the ASIC logo and claiming ASIC sponsorship for a “Stock Trading Master Class”. The ads link to a private WhatsApp group called “Lonton Wealth Management Center” – an entity listed by ASIC on the Investor Alert List in May 2024. ASIC is not associated with the entity, and ASIC does not sponsor the class.
Cold calling: Repeated cold calls from someone purporting to be from ASIC have been reported. The caller tries to engage with consumers about obtaining a refund on an investment. Please note that ASIC does not cold call consumers about investments.
Fake Telegram account: An account on Telegram is impersonating an ASIC social media account, with the operators asking investors for money to release their investment funds held in Australia. ASIC does not have a Telegram account as part of its social media presence and will never ask consumers for upfront payments or taxes to release Australian-held investments.
ASIC is working with the National Anti-Scam Centre (NASC) and social media platforms to remove such content and reminds consumers that it does not endorse or promote investment training or platforms, doesn’t cold call consumers, and is not associated with any investment offerings.
Acctweb
Hot Issues
- ATO reveals small business hit list to combat tax debt
- What are the FBT implications of Employee Christmas Parties and Gifts?
- Assess a business before you buy it
- Christmas Parties and Taxi Fare/Rideshare – FBT implications.
- Practitioners cautioned on ATO’s top target areas for GST
- ATO to target growing businesses in latest compliance blitz
- Our SG compliance results are here
- Top 20 Most Watched Christmas Movies ever - pre covid
- A Unique Advent Calendar
- Businesses ghosting the ATO targeted in debt collection blitz
- Claiming the tax-free threshold: getting it right
- Aussies tired of ‘dodgy tax criminals’, warns ATO
- Protect your small business by following these essential steps.
- Super guarantee a focus area for ATO business debt collection
- Controversial ‘Airbnb tax’ set to become law
- Withholding for foreign residents: an ATO focus area
- 1 in 3 crypto owners confused about tax, study reveals
- 20 Years of Silicon Valley Trends: 2004 - 2024 Insights
- ATO reveals common rental property errors from data-matching program
- New SMSF expense rules: what you need to know
- Government releases details on luxury car tax changes
- Treasurer unveils design details for payday super
- 6 steps to create a mentally healthy and vibrant workplace
- What are the government’s intentions with negative gearing?
- Small business decries ‘unfair’ payday super changes
- The Leaders Who Refused to Step Down 1939 - 2024
- Time for a superannuation check-up?
- Scam alert: fake ASIC branding on social media
- Millions of landlords the target of expanded ATO crackdown